TechFlow — According to Bloomberg, Evergrande Group has filed for Chapter 15 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York, and has applied for restructuring proceedings in Hong Kong and the Cayman Islands.
Chapter 15 of the U.S. Bankruptcy Code allows foreign corporate entities to seek recognition of their bankruptcy proceedings in U.S. courts through a designated representative. This move aims to protect its U.S.-based assets from creditors while facilitating restructuring efforts elsewhere.
Evergrande's affiliated subsidiaries, Tianji Holding Ltd. and Scenery Journey Limited, have also filed for bankruptcy protection simultaneously.
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